The price of Ethereum formed a new weekly low at the $2613 level on Tuesday, October 22

Ethereum chart analysis

The price of Ethereum formed a new weekly low at the $2613 level on Tuesday, October 22. After its formation, we quickly moved back above $2620 and the EMA 200 moving average. A mild bullish consolidation pushed Ethereum to the $2650 level. It’s all weak for now, and we need to get back above the $2665 daily open level. This brings us back to the positive side, and we will try to get support from the EMA 50 moving average.

If Ethereum’s bullish momentum continues, we could see a return above the $2700 level, signaling a significant shift. This could pave the way for a return to the weekly open level, with potential higher targets at the $2720 and $2740 levels, instilling hope in investors.

The price is trying to break away from the bearish momentum and start a recovery

Ethereum faces a big challenge as it enters the $2660-$2680 resistance zone. Failure to move to the bullish side will cause bearish momentum to build and trigger a pullback. Next is a return to the EMA 200 moving average and the $2620 level. This time, we need a break below and a drop to the $2600 level.

With that step, we will form a new daily low and confirm the continuation of this week’s bearish trend. Potential lower targets are $2580 and $2560 levels. This week’s drop in Ethereum price is around 3.50%.